{"id":2352,"date":"2024-09-27T15:15:52","date_gmt":"2024-09-27T18:15:52","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&#038;p=2352"},"modified":"2024-11-01T19:38:14","modified_gmt":"2024-11-01T22:38:14","slug":"human-capital-accumulation-and-output-growth-in-demand-led-macrodynamics","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publications\/articles\/human-capital-accumulation-and-output-growth-in-demand-led-macrodynamics\/","title":{"rendered":"Human capital accumulation and output growth in demand-led macrodynamics"},"content":{"rendered":"<p>This paper sets forth two demand-led macrody\u00adna\u00admic models of capa\u00adcity uti\u00adli\u00adza\u00adti\u00adon and out\u00adput growth with human capi\u00adtal for\u00adma\u00adti\u00adon having a posi\u00adti\u00adve impact on labor pro\u00adduc\u00adti\u00advity. Two finan\u00adcing mecha\u00adnisms of human capi\u00adtal for\u00adma\u00adti\u00adon are con\u00adsi\u00adde\u00adred, one in each model. In the first model, public invest\u00adment in human capi\u00adtal is finan\u00adced by some part of inco\u00adme tax reve\u00adnu\u00ades, con\u00adfi\u00adgu\u00adring a further sour\u00adce of aggre\u00adga\u00adte demand in addi\u00adti\u00adon to pri\u00adva\u00adte con\u00adsump\u00adti\u00adon, govern\u00adment con\u00adsump\u00adti\u00adon, and pri\u00adva\u00adte invest\u00adment in phy\u00adsi\u00adcal capi\u00adtal. The second model fea\u00adtu\u00adres public invest\u00adment in human capi\u00adtal for\u00adma\u00adti\u00adon finan\u00adced by all inco\u00adme tax reve\u00adnu\u00ades sup\u00adple\u00admen\u00adted by wor\u00adkers\u2019 own invest\u00adment in human capi\u00adtal finan\u00adced through debt. Hen\u00adce public and pri\u00adva\u00adte invest\u00adment in human capi\u00adtal con\u00adfi\u00adgu\u00adre further sour\u00adces of aggre\u00adga\u00adte demand for\u00adma\u00adti\u00adon, together with pri\u00adva\u00adte con\u00adsump\u00adti\u00adon and invest\u00adment in phy\u00adsi\u00adcal capi\u00adtal. Ana\u00adlo\u00adgously to firms\u2019 desi\u00adred invest\u00adment in phy\u00adsi\u00adcal capi\u00adtal, wor\u00adkers\u2019 desi\u00adred invest\u00adment in human capi\u00adtal is inde\u00adpen\u00addent from saving out of cur\u00adrent inco\u00adme. The excess of wor\u00adkers\u2019 desi\u00adred invest\u00adment in human capi\u00adtal for\u00adma\u00adti\u00adon over the public invest\u00adment in human capi\u00adtal is finan\u00adced through debt made avai\u00adla\u00adble by an endo\u00adge\u00adnous sup\u00adply of cre\u00addit money. A key mes\u00adsa\u00adge of this paper is that the sup\u00adply of higher human capi\u00adtal-endowed wor\u00adkers does not auto\u00adma\u00adti\u00adcally cre\u00ada\u00adte its own demand. The rele\u00advant policy impli\u00adca\u00adti\u00adon is cle\u00adar: expan\u00adsi\u00ado\u00adnary aggre\u00adga\u00adte demand poli\u00adci\u00ades are a neces\u00adsary com\u00adple\u00adment to expan\u00adsi\u00ado\u00adnary aggre\u00adga\u00adte sup\u00adply poli\u00adci\u00ades based on human capi\u00adtal formation.<\/p>\n<p>Keywords: Human capi\u00adtal; public invest\u00adment; macrody\u00adna\u00admics; capa\u00adcity uti\u00adli\u00adza\u00adti\u00adon; out\u00adput growth; employ\u00adment&nbsp;rate.<\/p>\n<p>JEL Codes: E12, E24, E25,&nbsp;O41.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paper sets forth two demand-led macrody\u00adna\u00admic models of capa\u00adcity uti\u00adli\u00adza\u00adti\u00adon and out\u00adput growth with human capi\u00adtal for\u00adma\u00adti\u00adon having a posi\u00adti\u00adve impact on labor pro\u00adduc\u00adti\u00advity. Two finan\u00adcing mecha\u00adnisms of human capi\u00adtal for\u00adma\u00adti\u00adon are con\u00adsi\u00adde\u00adred, one in each model. In the first model, public invest\u00adment in human capi\u00adtal is finan\u00adced by some part of inco\u00adme&nbsp;tax&nbsp;[\u2026]<\/p>\n","protected":false},"template":"","tags":[257,258,292,293,259,288],"made_publication_type":[78],"class_list":["post-2352","made_publication","type-made_publication","status-publish","hentry","tag-capacity-utilization-en","tag-employment-rate-en","tag-human-capital","tag-macrodynamics","tag-output-growth-en","tag-public-investment","made_publication_type-working-papers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Human capital accumulation and output growth in demand-led macrodynamics &#8212; Made<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madeusp.com.br\/en\/publications\/articles\/human-capital-accumulation-and-output-growth-in-demand-led-macrodynamics\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publications\\\/articles\\\/human-capital-accumulation-and-output-growth-in-demand-led-macrodynamics\\\/\",\"url\":\"https:\\\/\\\/madeusp.com.br\\\/en\\\/publications\\\/articles\\\/human-capital-accumulation-and-output-growth-in-demand-led-macrodynamics\\\/\",\"name\":\"Human capital accumulation and output growth in demand-led macrodynamics &#8212; 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